Anant Raj: PAT growth of 69% & revenue growth of 45% for 9M-25 at a PE of 74
Revenue CAGR of 34% for FY24-29 on the back of strong revenue visibility. Rs 15,000 cr revenue over a period of 5 years from real estate. Rs 3300 cr of rental income from data centers by FY29
1. Real Estate Development, Construction & Infrastructure Development
anantrajlimited.com | NSE: ANANTRAJ
2. FY21-24: PAT CAGR of 189% & Revenue CAGR of 78%
3. Strong FY24: PAT up 71% & Revenue up 51%
4. Q3-25: PAT up 55% & Revenue up 36% YoY
5. Strong 9M-25: PAT up 69% & Revenue up 45% YoY
6. Business metrics: Improving but weak return ratios
7. Strong outlook: Revenue growth of 35%+
i. FY24-29: Strong Revenue visibility in real estate business
Potential to grow from Rs 1,500 cr revenue in FY24 to Rs 3000 cr per year by FY29.
~INR 15,000crs of revenue potential in next 4 to 5 years from residential sales in Sector 63A, Gurugram
ii. FY24-29: Strong Revenue visibility in Data Center Business
One can expect rental of Rs 3300 cr by FY29.
Scale up to 307 MW IT Load Data Center within the next 4 to 5 years
Converting existing 5.66 msf commercial property into a 157 MW Data Centre, with another 150 MW expansion planned in Rai and Panchkula;
Expected rentals of INR 3,300 crores once the 307 MW is fully operational.
iii. FY24-29: Revenue CAGR of 34%
Expected revenue in FY29 of Rs 3000 (real estate)+ Rs 3300 (data center rentals) would implies revenue rowing Rs 6300 cr in FY29 from Rs 1483 cr in FY24 at a CAGR of 34%. The Rs 6,300 cr of revenue does include any other revenue from other parts of its residential and commercial businesses.
8. PAT growth of 69% & revenue growth of 45% in 9M-25 at a PE of 51
9. Hold?
If I hold the stock then one may continue holding on to ANANTRAJ
ANANTRAJ has a track record of delivering strong performance with a FY20-24 PAT CAGR of 189% & Revenue CAGR of 78%. The historic performance was continued in FY24 and followed up in 9M-25 with an extremely strong performance.
The outlook of ANANTRAJ growing 4X+ form a Rs 1483 cr business to a Rs 6300 cr business by FY29 is a strong reason to continue with it. 9M-25 execution shows that its moving in the right direction to achieve FY29 targets.
Recent past has been painful for ANANTRAJ as ithas corrected significantly from its 52 week high. However, their is no correction in the underlying business momentum as of now. One should keep a watch on the business momentum and any weakening should be a reason to exit. ANANTRAJ has delivered sequential QoQ growth in PAT for the last 12 quarters starting Q4-22
10. Buy?
If I am looking to enter ANANTRAJ then
ANANTRAJ has delivered PAT growth of 69% with revenue growth of 45% in 9M-25 at a PE of 51 which makes the valuations fully valued in the short term.
The outlook of ANANTRAJ to deliver revenue CAGR of 34%+ for FY24-29 at a PE of 51 makes the valuations quite acceptable over the longer term
ANANTRAJ is a story which will develop over the next 5 years and one needs to keep a close watch on the execution.
Since ANANTRAJ is a longer term story one should build positions over a period of time as the execution evolves, given the limited margin of safety in the short term at a PE of 51.
Previous Coverage of ANANTRAJ
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